PFC to raise $1 billion from overseas loans this fiscal

Power Finance Corporation Ltd plans to raise $ one billion in overseas borrowings in the current financial year, reports M Rajendran.

State-owned Power Finance Corporation Ltd (PFC) plans to raise $1.0 billion in overseas borrowings in the current financial year, the company said on Monday.

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In the first tranche, it would raise about $ 300 million followed by $200 million and $ 500 million in the subsequent tranches, it said.

PFC would use the amount to fund project term loans, lease financing, direct discounting of bills, short-term loans for various power projects in the generation, transmission, distribution activities as well as for renovation and modernisation of existing power projects.

The corporation has informed the Bombay Stock Exchange (BSE) that it has been granted a Navaratna status, which gives it more autonomy, by the government.